The CEO of Singapore Airlines, Goh Choon Phong, saw a significant spike in his earnings following the carrier reporting record profits in 2023.
According to Bloomberg, the Singapore Airlines boss recorded a 21% increase in his salary for the last financial year compared to 2022.
The news outlet said that Phong pocketed a healthy SG8.11 million ($6 million) after he delivered the highest full year operating and net profits in the group’s history.
The company’s latest annual report published on July 1, 2024, also said the CEO’s base salary rose from SG1.1 million ($811k) in 2022, to SG1.44 million ($1 million).
In May 2023, Singapore Airlines Group (SAG) reported a record profit of SG$2.7 billion ($1.99 billion) for the fiscal year ending March 31, 2024.
Following the positive results Singapore Airlines hit the headlines after announcing that staff would receive eight months’ worth of salary as a bonus.
SAG, which includes Scoot, credits robust demand for air travel which resulted in record passenger revenue.
According to the group, demand for air travel was boosted by a rebound in North Asia as China, Hong Kong, Japan, and Taiwan fully reopened their borders following the COVID 19 pandemic.
Phong recently offered his “deepest apologies” to passengers on flight SQ321 between London and Singapore who experienced severe turbulence.
During the incident on May 20, 2024, one passenger died, and more than 30 others were injured.
Passengers who sustained minor injuries from the incident were offered $10,000 each by the airline while those with more serious injuries have been invited to discuss a compensation offer that would meet each specific circumstance.